US stocks Friday finished mostly higher with the S&P 500 hitting a new record, even as the tech-rich Nasdaq Composite Index declined on profit taking.
The Dow Jones Industrial Average rose 50.60 points (0.31 percent) to 16,323.25, while the S&P 500 tacked on 5.17 (0.28 percent) at 1,859.46, setting a new closing record.
But the Nasdaq shed 10.81 (0.25 percent) at 4,308.10, stepping back after hitting a 14-year high Thursday.
"The Nasdaq has been a clear outperformer and you're seeing a number of companies taking it on the chin," said Michael James, managing director of equity trading at Wedbush Securities.
"They've had a pretty good run," James said. "It's time to take some profits."
Despite Friday's Nasdaq declines, analysts said investors were generally optimistic about growth in the US economy, dismissing recent weak economic data as largely the result of unusually cold winter weather that has depressed economic activity.
US stocks Friday finished mostly higher with the S&P 500 hitting a new record, even as the tech-rich Nasdaq Composite Index declined on profit taking.
The Dow Jones Industrial Average rose 50.60 points (0.31 percent) to 16,323.25, while the S&P 500 tacked on 5.17 (0.28 percent) at 1,859.46, setting a new closing record.
But the Nasdaq shed 10.81 (0.25 percent) at 4,308.10, stepping back after hitting a 14-year high Thursday.
“The Nasdaq has been a clear outperformer and you’re seeing a number of companies taking it on the chin,” said Michael James, managing director of equity trading at Wedbush Securities.
“They’ve had a pretty good run,” James said. “It’s time to take some profits.”
Despite Friday’s Nasdaq declines, analysts said investors were generally optimistic about growth in the US economy, dismissing recent weak economic data as largely the result of unusually cold winter weather that has depressed economic activity.
